Tata Motors owned Jaguar Land Rover group is reported to have asked a real estate consultancy to value Silverstone as a part of the company to buy it.
The Financial Times has reported that the Tata Motors owned JLR group has asked property consultants Cushman & Wakefield to valuate the circuit along with the land. The JLR group is said to be planning to buy the Silverstone to make the iconic race track the company’s headquarters. Sources say that the company will build offices for around 1000 staff, a heritage center, a hotel, delivery buildings and a visitor’s center.
The track is currently owned by the British Racing Drivers Club (BRDC). According to the company’s initial proposals, it will buy the track and make BRDC a tenant of the land and the Silverstone Circuits Ltd. under the BRDC will handle the operations. The track along with the land is valued at £22.7m. If both the parties want the deal to move ahead they will need an approval of 850 members of the BRDC.
The Silverstone is a very iconic and one of the most popular tracks in the world. It is the dream of enthusiasts around the world to take at least one lap of the historical track in their lifetime. It is considered to be an integral part of the British Racing World as it hosted the first British GP in 1948. The track became the first to host a World Championship Race in 1950. It is also one of the original tracks in the F1 calendar.
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However, the BRDC is finding it difficult to maintain the track. Every season, their struggle for paying the fees for hosting F1 races becomes more difficult. It is not the only track to face problems in paying the F1 fees. But, Bernie Eclestone, Chief Executive of F1 group has recently stated that the fees will not be reduced. The F1 boss now a days is more attracted towards the Asian and UAE race tracks. This is another example where he is seen neglecting the European tracks.
A spokesman for JLR said: “We continually look to invest and grow our business operations in the UK and constantly evaluate a wide range of opportunities which are confidential.”
If the company successfully completes the deal, it will be remembered forever as the company to buy the most historical track of all times. Lets wait for some official news to arrive from any of the parties.